Sponsored by:
Senator DAWN MARIE ADDIEGO
District 8 (Atlantic, Burlington and Camden)
Senator JOSEPH A. LAGANA
District 38 (Bergen and Passaic)
Co-Sponsored by:
Senators Thompson, Singleton, Cunningham, Cruz-Perez, Diegnan, Greenstein, Oroho, O'Scanlon, Ruiz, Sarlo and Testa
SYNOPSIS
Appropriates $25 million in federal funds to EDA to support microbusinesses in need.
CURRENT VERSION OF TEXT
As introduced.
A Supplement to the Fiscal Year 2021 appropriations act, P.L.2020, c.97.
Be It Enacted by the Senate and the General Assembly of the State of New Jersey:
1. In addition to the amounts appropriated under P.L.2020, c.97, the annual appropriations act for Fiscal Year 2021, there is appropriated the following sum for the purpose specified:
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82 DEPARTMENT OF THE TREASURY 50 Economic Planning, Development, and Security 51 Economic Planning and Development
GRANTS-IN-AID |
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38-2043 |
Economic Development………………………………………… |
$25,000,000 |
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Total Grants-in-Aid Appropriation, Economic Planning And Development ……………………………………….. |
$25,000,000 |
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Grants-in-Aid: |
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38 |
Coronavirus Relief Fund – Assistance to Microbusinesses, EDA............................ |
($25,000,000) |
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The amount hereinabove appropriated for Coronavirus Relief Fund – Assistance to Microbusinesses, EDA shall be allocated from a portion of federal block grant funds allocated to the State from the federal “Coronavirus Relief Fund” established pursuant to the federal “Coronavirus Aid, Relief, and Economic Security Act (CARES Act),” Pub.L.116-136, or any other federal funds made available to the State in response to the coronavirus disease 2019 (COVID-19) pandemic.
The amount hereinabove appropriated for Coronavirus Relief Fund –Assistance to Microbusinesses, EDA shall be allocated by the New Jersey Economic Development Authority to entities located in the State that produce goods or provide services and have 10 or fewer full-time equivalent employees. The New Jersey Economic Development Authority shall establish minimum grant eligibility criteria and the size of the grant awards to meet the needs of the grantee entities in responding to the public health crisis.
2. This act shall take effect immediately.
STATEMENT
This bill appropriates $25 million in federal funds to the Economic Development Authority (EDA) to award grants for the public purpose of supporting an important part of the State’s economy affected by the public health crisis. The grants will be awarded by the EDA to microbusinesses that produce goods or provide services and have 10 or fewer full-time equivalent employees and who are in need of support as a result of the public health crisis.